For those who have already moved in, do you know approximately how much rent is being paid (per month) to the builder? I'm hoping our closing date is right around the corner, and not 6 months from now.
 
Lalaland said:
For those who have already moved in, do you know approximately how much rent is being paid (per month) to the builder? I'm hoping our closing date is right around the corner, and not 6 months from now.
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Paying $1013.18 on my place. Breakdown is as follows:

1.) Interest on ~144,000 is $418.57
2.) Monthly tax $164
3.) Common element fees $429.70 (490 sf unit)... much higher than you thought folks.

We are all hoping the same thing. Supposed to get carpet on the lower floors this week.. so it’s coming along. Slowly.
 
OneC said:
Paying $1013.18 on my place. Breakdown is as follows:

1.) Interest on ~144,000 is $418.57
2.) Monthly tax $164
3.) Common element fees $429.70 (490 sf unit)... much higher than you thought folks.

We are all hoping the same thing. Supposed to get carpet on the lower floors this week.. so it’s coming along. Slowly.
Click to expand...
I remember seeing that water was included in the common expenses while it wasn't originally to be included. Common expenses are paid on the parking spot, locker and balcony space too. But $429 does seem high.. I thought the common expenses were estimated at 51 cents. Was the breakdown described?
 
nutsandbolts123 said:
I remember seeing that water was included in the common expenses while it wasn't originally to be included. Common expenses are paid on the parking spot, locker and balcony space too. But $429 does seem high.. I thought the common expenses were estimated at 51 cents. Was the breakdown described?
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That’s right. Water wasn’t originally included, but still is much higher than having separately metered water.

There is no separate fee for balcony maintenance. It is included in the common element fees.

CEF: 376.85
Parking: 40.29
Locker: 12.56

So, $0.85/SF is materially higher than $0.51/SF. Surprise!
 
He didn’t say anything... partially because there’s nothing you can do. I’d imagine it is to do with costs increasing. The fees outlined in the declaration were based on 2014/2015 costs, and there was a disclaimer that fees would rise by 7.5% (?- don’t quote me), each year after 2015.

Usually the builder’s tax estimate is higher than the City of Toronto assessment, so here’s to hoping we get a bit of a rebate!
 
OneC said:
He didn’t say anything... partially because there’s nothing you can do. I’d imagine it is to do with costs increasing. The fees outlined in the declaration were based on 2014/2015 costs, and there was a disclaimer that fees would rise by 7.5% (?- don’t quote me), each year after 2015.

Usually the builder’s tax estimate is higher than the City of Toronto assessment, so here’s to hoping we get a bit of a rebate![/QUOTE

Thanks!
Click to expand...
 
OneC said:
He didn’t say anything... partially because there’s nothing you can do. I’d imagine it is to do with costs increasing. The fees outlined in the declaration were based on 2014/2015 costs, and there was a disclaimer that fees would rise by 7.5% (?- don’t quote me), each year after 2015.

Usually the builder’s tax estimate is higher than the City of Toronto assessment, so here’s to hoping we get a bit of a rebate!
Click to expand...
OneC said:
He didn’t say anything... partially because there’s nothing you can do. I’d imagine it is to do with costs increasing. The fees outlined in the declaration were based on 2014/2015 costs, and there was a disclaimer that fees would rise by 7.5% (?- don’t quote me), each year after 2015.

Usually the builder’s tax estimate is higher than the City of Toronto assessment, so here’s to hoping we get a bit of a rebate!
Click to expand...
 
OneC said:
Paying $1013.18 on my place. Breakdown is as follows:

1.) Interest on ~144,000 is $418.57
2.) Monthly tax $164
3.) Common element fees $429.70 (490 sf unit)... much higher than you thought folks.

We are all hoping the same thing. Supposed to get carpet on the lower floors this week.. so it’s coming along. Slowly.
Click to expand...
Thanks for the heads up!
 
OneC said:
He didn’t say anything... partially because there’s nothing you can do. I’d imagine it is to do with costs increasing. The fees outlined in the declaration were based on 2014/2015 costs, and there was a disclaimer that fees would rise by 7.5% (?- don’t quote me), each year after 2015.

Usually the builder’s tax estimate is higher than the City of Toronto assessment, so here’s to hoping we get a bit of a rebate!
Click to expand...
How many post-dated rent cheques did you need to provide to the builder? Usually the number of cheques can be an indication of how long the builder thinks it will take to register the building and final closings
 
nutsandbolts123 said:
How many post-dated rent cheques did you need to provide to the builder? Usually the number of cheques can be an indication of how long the builder thinks it will take to register the building and final closings
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12 post dated cheques. I would assume that it is "standard" though. The builder doesn't want to delay registering the building either, otherwise they can't get full liquidity back from the property.
 
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